MIRA
INFORM REPORT
PRELIMINARY REPORT
|
Report Date : |
13.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAURASHTRA FERROUS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
C-93, Mittal Towers, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
26.04.2005 |
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|
|
|
Com. Reg. No.: |
11-152830 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 104.250
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2005PTC152830 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAJCS0160P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Pig Iron, Cast Iron, Sponge Iron and
Other Ferrous Components. |
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|
|
No. of Employees
: |
Not Available |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating : (ICRA) D |
|
Rating Explanation |
ICRA has suspended its rating due to lack of
information. |
|
Date |
December 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
C-93, Mittal Towers, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-66550621/ 40467500 |
|
Fax No.: |
91-22-66550623 |
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E-Mail : |
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|
Website : |
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|
Factory : |
Plot No. 267, Baraya-Patri Road, Village Lakhapur, Taluka Mundra,
District Kutch, Gujarat, India |
|
Tel. No.: |
91-2838-285332 |
|
Fax No.: |
91-2838-285333 |
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|
|
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Branch Office : |
Bharat CFS Zone-I, Mundra Port, Mundra, Dist. Kutch., Kutch - 370421, Gujarat, India |
|
Tel. No.: |
91-2838-226640 |
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Fax No.: |
91-2838-226677 |
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|
|
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Branches : |
Located at : Ř
Ahmedabad Ř Porbandar Ř Mundra |
DIRECTORS
AS ON 11.09.2012
|
Name : |
Mr. Dipak Agarwalla |
|
Designation : |
Director |
|
Address : |
India |
|
Date of Appointment : |
26.04.2005 |
|
PAN No.: |
ADDPA3497R |
|
DIN No.: |
00267085 |
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|
|
|
Name : |
Mr. Raghav Dipak Agarwalla |
|
Designation : |
Director |
|
Address : |
India |
|
Date of Appointment : |
01.12.2006 |
|
PAN No.: |
AHBPA8174F |
|
DIN No.: |
01085318 |
|
|
|
|
Name : |
Mr. Surendra Kumar Sinha |
|
Designation : |
Director |
|
Address : |
India |
|
Date of Appointment : |
16.05.2005 |
|
PAN No.: |
AHFPS8855D |
|
DIN No.: |
01511505 |
|
|
|
|
Name : |
Mr. Navin Kumar Sinha |
|
Designation : |
Director |
|
Address : |
India |
|
Date of Appointment : |
01.12.2006 |
|
PAN No.: |
AIEPS3226L |
|
DIN No.: |
01593775 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Dipak Agarwalla |
|
10000 |
|
Great Valley Company Limited, Mauritius |
|
425000 |
|
Saurashtra Fuels Private Limited, India |
|
1980000 |
|
S. K. Sinha |
|
10000 |
|
|
|
|
|
Total |
|
2425000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Saurashtra Fuels Private Limited , India |
|
8000000 |
|
|
|
|
|
Total |
|
8000000 |
AS ON 11.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
17.53 |
|
Bodies
corporate |
|
81.65 |
|
Directors
or relatives of directors |
|
0.82 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pig Iron, Cast Iron, Sponge Iron and Other
Ferrous Components. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Pig Iron articles |
M.T. |
100000 |
26412.00 |
|
Cast Iron |
M.T. |
45000.00 |
167.48 |
|
Others (Slag) |
M.T. |
N.A. |
8675.62 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Ř UCO Bank Ř HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai -
400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
Financial Institution : |
Sundaram Finance
Limited, 21 Patullos Road, Chennai - 600002, Tamilnadu, India |
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|
|
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Auditors : |
|
|
Name : |
CLB and Associates Chartered Accountants |
|
Address : |
77, Mulji Jetha
Building, 3rd Floor, 185/187, Princess Street, Marine Lines, Mumbai – 400002,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFC1382K |
|
|
|
|
Holding Company : |
Ř
Saurashtra Fuels Private Limited
[U23200MH1993PTC075455] |
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|
|
|
Associates : |
Ř
Saurashtra Containers Private Limited
[U63090MH2005PTC150685] Ř
Hindustan Fuels Private Limited
[U10102MH2004PTC225005] Ř Kutch Coal
Carbonization Private Limited [U10102MH2002PTC225006] Ř
Kandla Power Private Limited
[U40100MH2004PTC149461] Ř Classic Energy
(India) Private Limited [U23100MH2004PTC225007] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
10,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 150.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,425,000 |
Equity Shares |
Rs. 10/- each |
Rs. 24.250
Millions |
|
8,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 80.000
Millions |
|
|
Total |
|
Rs. 104.250 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
104.250 |
104.250 |
104.250 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
80.750 |
|
|
4] (Accumulated Losses) |
(164.929) |
(101.761) |
(129.132) |
|
|
NETWORTH |
(60.679) |
2.489 |
55.868 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
59.035 |
125.918 |
222.533 |
|
|
2] Unsecured Loans |
217.683 |
217.683 |
217.683 |
|
|
TOTAL BORROWING |
276.718 |
343.601 |
440.216 |
|
|
DEFERRED TAX LIABILITIES |
56.425 |
55.693 |
52.594 |
|
|
|
|
|
|
|
|
TOTAL |
272.464 |
401.783 |
548.678 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
357.765 |
383.272 |
397.529 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
6.081 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.005 |
0.005 |
2.005 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
47.815
|
262.460 |
157.869 |
|
|
Sundry Debtors |
4.784
|
43.766 |
51.204 |
|
|
Cash & Bank Balances |
0.721
|
8.398 |
15.004 |
|
|
Other Current Assets |
0.000
|
0.402 |
0.000 |
|
|
Loans & Advances |
78.226
|
88.905 |
95.028 |
|
Total
Current Assets |
131.546
|
403.931 |
319.105 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
132.871
|
308.924 |
0.000 |
|
|
Other Current Liabilities |
83.981
|
76.501 |
176.042 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
216.852
|
385.425 |
176.042 |
|
|
Net Current Assets |
(85.306)
|
18.506 |
143.063 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
272.464 |
401.783 |
548.678 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
310.134 |
630.253 |
1133.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
328.483 |
630.863 |
1106.334 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(18.349) |
(0.610) |
27.066 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.394 |
24.887 |
25.046 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(37.743) |
(25.497) |
2.020 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.693 |
24.783 |
23.893 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
BEFORE TAX (E-F) (G) |
(62.436) |
(50.280) |
(21.873) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.732 |
3.098 |
4.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
AFTER TAX (G-H) (I) |
(63.168) |
(53.378) |
(26.522) |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF TAX |
0.000 |
0.000 |
(0.016) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(182.510) |
(129.132) |
(102.594) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(245.678) |
(182.510) |
(129.132) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports |
0.455 |
23.470 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings/ [Loss]
Per Share (Rs.) |
(26.02) |
(22.01) |
(10.94) |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(22.30)
|
(8.47) |
(2.34) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.76) |
(6.39) |
(3.05) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.03
|
(20.20) |
(0.39) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(4.56) |
138.05 |
7.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.61
|
1.05 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Fully convertible debentures others |
217.683 |
217.683 |
|
Total |
217.683 |
217.683 |
FINANCIAL RESULTS:
During the year,
the company has achieved sales (net of excise) of Rs. 308.700 Millions as
against Rs. 613.800 Millions in the previous year. Company’s manufacturing
activity has been continued affected adversely due to non availability of
required quality of Iron Ore. The company was procuring high grade Iron Ore
from Hospet (Karnataka) regularly, since June 2010 onwards state of Karnataka
has imposed ban on sale of Iron Ore from state in view of illegal mining and
environmental hazards. Hence the overall sales have decreased in the current
financial year compared to previous year.
However the
company is exploring alternative source of Raw Material i.e. Iron Ore to enable
to re-start of the Production. The overall performance of the company under
review has not been satisfactory due to external factors as mentioned above.
OPERATIONS
The company has
achieved production of Pig Iron 3707 MT as against 26412 MT in the previous
year. Due to non availability of good quality of Iron Ore the company does not
have any option but to reduce its production of Pig Iron. The company continues
to pursue rigorously technology and cost improvement measures.
FINANCE
The company is
regular in payment of principal and interest on the term loan and working
capital term loans. The company continues to enjoy good support from UCO Bank
to meet its working capital requirements.
CONTINGENT
LIABILITIES
(Rs.
in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
a) Corporate Guarantee
in favour of Holding company along with other Subsidiaries of the same
holding company. |
2598.100 |
2598.100 |
|
b) for Income tax demand for the A.Y. 2008-09 Company has preferred
appeal with CIT |
68.628 |
186.328 |
|
c) Sales Tax Liability |
118.952 |
131.188 |
|
d) Estimated amount of contracts remaining to be executed on capital
account and not provided. |
1.400 |
1.400 |
FIXED ASSETS:
Ř
Land
Ř
Buildings
Ř Factory building
Ř Plant and equipment
Ř Furniture and fixtures
Ř Vehicles
Ř Office equipment
Ř
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.59 |
|
|
1 |
Rs. 101.56 |
|
Euro |
1 |
Rs. 85.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.